I hope everyone had an enjoyable and wonderful holiday season. As we ring in 2019, the Queens Chamber is ramping up efforts to bring you an action-packed series of events designed to generate more business for your organization.
We want to make this year your best year yet, and we are also very excited about the continued growth opportunities in our great borough of Queens.
The economy in Queens is thriving, which equates to growing opportunities for local businesses. Nationally, the December 2018 jobs report showed 312,000 jobs created; much higher than analysts predicted.
One of the great opportunities for our borough is the tech sector. With academic institutions like NYU Poly and Cornell Tech, the attraction is certainly here for our tech-savvy residents.
And with many other tech incubators in the works, including one operated by the Queens Chamber, the New York City tech ecosystem dwarfs San Francisco and is contending with Silicon Valley.
Amazon HQ2 will only add to this transition, with Queens in particular as the center of U.S. tech.
New York City Tech Boom
Per recent statistics, New York City’s tech ecosystem employs 291,000 people, or 7 percent of the 4.27 million people working in New York City.
By comparison, the retail sector employs 354,000 people, or 8 percent of total workers, while healthcare employs 665,000 people, or 16 percent of total workers.
The hourly wage for a worker in the New York City tech ecosystem is $39.50, which is 49 percent higher than the average citywide hourly wage.
Furthermore, according to 2013 data, the New York City tech ecosystem generated over $5.6 billion in annual tax revenues to the city, which represented 12.3 percent of the total 2013 tax revenue.
By comparison, $2.5 billion comes from property taxes, $1.3 billion from personal income taxes, $900 million from sales and use taxes, and $900 million from corporation and business income taxes.
Small Biz and Startups
New York City tech firms are mostly small businesses that are productive employment generators. For example, the Computer Systems Design and Related Services industry includes over half of all city tech industries firms.
Falling into this category are tech startups, which have an average firm size of 13 people. Such startups are experiencing exceptionally high growth in NYC.
Age and Gender
Recent college graduates are the most sought after in the New York City tech industry. The local tech ecosystem presents employment opportunities for all ages, but especially for college graduates.
Tech employs people predominately between the ages of 25 and 54, while the New York City economy has a greater share of people aged 55 and greater.
Gender distribution in New York City is generally even, except in the tech economy, which remains male dominated. This underrepresentation is in tune with national averages, where there exists a 20 to 50 percent difference between the number of male and female employees.
Why Queens now?
The over-performing New York City tech economy is due to the digital transformation of business. As companies demand more accessible, instantaneous services, tech jobs increase as well.
And the more a company requires technology, the more that company will require additional tech support. Moreover, tech industries, most notably those associated with startups, are ushering in a new era of growth
For an in-depth look at the findings, visit nyctecheconomy.com.